A patent provides legal protection for an invention for
A) 7 years.
B) 11 years.
C) 20 years.
D) as long as the invention is valuable.
Answer: C
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Refer to Figure 13.1. All else equal, an increase in transfer payments would best be represented by a movement from
A) point A to point B. B) point B to point A. C) point B to point C. D) point C to point B.
Assume that the expectation of declining housing prices cause households to reduce their demand for new houses and the financing that accompanies it. If the nation has low mobility international capital markets and a flexible exchange rate system, what happens to the GDP Price Index and current international transactionsin the context of the Three-Sector-Model?
a. The GDP Price Index rises, and current international transactionsbecomes more negative (or less positive). b. The GDP Price Index and current international transactionsremain the same. c. The GDP Price Index falls, and current international transactionsremains the same. d. The GDP Price Index falls, and current international transactionsrises. e. There is not enough information to determine what happens to these two macroeconomic variables.
Sometimes wages are set above the equilibrium level when
a. garbage collectors earn higher wages than secretaries due to compensating differentials. b. accountants earn more than dental technicians due to higher educational requirements. c. movie superstars earn more than talented plumbers. d. unions negotiate higher wages by threatening to strike.
Your purchase of a Gucci purse made in Italy would be classified as:
A. an export. B. an investment good. C. a durable good. D. an import.